To mark its centennial, the St. Louis Fed published "100 Years of Service." Read about the birth of the Federal Reserve and how the St. Louis Fed came to be known as the maverick in the Fed system. See how it serves not only financial institutions and the Treasury, but also educators, community development workers, researchers and the public.

Growth around the world is still below trend, but the U.S. is faring better than most countries. Among other topics in this larger-than-usual issue: the decline in labor force participation by youth, and the difficulty in measuring the underground economy.

Real Gross Domestic Product (GDP) is the market value of all final goods and services produced in an economy during a year adjusted for inflation. GDP is the most comprehensive measure available of U.S. economic activity. Quarterly changes in real (inflation-adjusted) GDP are considered the primary measure of growth in the U.S. economy.

What are the components of GDP?

The components include personal consumption expenditures (consumer spending), gross private domestic investment (business investment in structures, equipment and software, and inventories), government consumption expenditures and gross investment (government spending), and net exports (exports of goods and services less imports of goods and services).

What is the compounded annual rate of change?

The compounded annual rate of change shows what the growth rate would be over an entire year if the same simple percent change continued for four quarters or 12 months

Which agency is responsible for reporting GDP?

Gross Domestic Product is reported by the U.S. Department of Commerce’s Bureau of Economic Analysis. For more information, see www.bea.gov.